Global RFID in Healthcare Market is Estimated to Account for US$ 16,756.6 Mn by End of 2027

Increasing RFID application in healthcare is expected to hinder growth of the global RFID in healthcare market over the forecast period. For instance, in October 2020, QuVa Pharma Inc. expanded its partnership with Kit Check to support its increasing portfolio of products that include embedded RFID tags.

The embedded RFID tags allow hospital pharmacists to add batches of medications to inventory quickly and efficiently, and track throughout the hospital — from pharmacy to patient.

Moreover, increasing healthcare spending is also expected to boost growth of the global RFID in healthcare market. For instance, according to The Centers for Medicare & Medicaid Services, the U.S. health spending is projected to reach nearly US$ 6.0 trillion by 2027.

Increasing launch of medications with RIFD is expected to offer lucrative growth opportunities for players in the global RFID in healthcare market. For instance, in October 2020, Fresenius Kabi introduced the first in a growing line of medications that come with smart labels embedded with radio-frequency identification technology. The first +RFID smart-labeled product, Diprivan (Propofol) 200 mg per 20 mL (10 mg per mL) Injectable Emulsion, USP, is now available in the United States.